American International Group is set to make history by becoming the first US insurance company to operate with a general insurance license in Vietnam.
AIG’s subsidiary, American International Underwriters Insurance Company, has been notified that it will receive a license from the Vietnam government to operate a wholly-owned general insurance company, AIG General Insurance (Vietnam) Company Limited.
The new entity will market property-casualty insurance products to both individuals and businesses. AIG Vietnam will be headquartered in Hanoi and expects to begin operations as soon as all regulatory approvals are in place, which are anticipated by the end of the year.
Commenting on the license, AIG president and CEO Martin Sullivan said, The ability to offer general insurance products in the country presents an additional opportunity to participate in the growth and development of Vietnam and in the region.